Cloud-based information governance: Key market research findings
- Increasing data volumes augment the demand for cloud-based information governance infrastructure
- The Americas dominate the market geographically
- Key vendors – EMC, HP Autonomy, IBM, and Symantec
Technavio’s market research analysts predict the global cloud-based information governance market to surpass $6 billion in terms of market value by 2020. The need for cloud-based information governance is spurred by the exponential growth in data volumes. The rise in the adoption of mobile, social, and other online communication methods are resulting in a rapid upsurge in data related to customers, operations, suppliers, and other stakeholders. Cloud-based information management infrastructure has several benefits such as low cost with minimal IT infrastructure support, quick and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloud‐based data across the organization. During 2015, the Americas accounted for more than 65% of the overall market share to become the dominant shareholder in the cloud-based information governance market. The growth in the cloud-based information governance market in the Americas can be attributed to the rapid increase in data generation across the industry verticals, such as banking, finance, and insurance services (BFSI), healthcare, retail, and public, due to rising digital transformation.
The new market research report from Technavio presents a breakdown and analysis of the cloud-based information governance market based on the end-user.
“The rise of the cloud-based e-Discovery market is an ongoing trend. e-Discovery software facilitates identifying, compiling, storing, and securing of electronically stored information (ESI), such as emails, files, and other data and ensures compliance data with amendments imposed by common-law requirements. HP, Symantec, IBM, and Everlaw are some of the current key vendors in the global e-Discovery market,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The BFSI segment was the dominant shareholder in the global market in 2015 with a market share of around 18%. The need to manage large volumes of transactional data that is generated on a daily basis is the driving force behind the increased adoption of cloud-based information governance infrastructure in the BFSI sector. The need to reduce compliance costs and risks is expected to propel growth in the cloud-based information governance market for the BFSI sector during the forecast period.
The key vendors in the market include EMC, HP Autonomy, IBM, and Symantec. The global cloud-based information governance market is highly fragmented owing to the presence of several large and small players. The vendors in the market are constantly looking for ways to increase their market share through M&As and partnerships. They compete on the basis of value-added services, such as assurances on data integrity, data security, data management, and assist organizations in balancing both service-level objectives and information compliance requirements.
A more detailed analysis is available in the Technavio report, Global Cloud-based Information Governance Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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